Here Is How Bitcoin Can Continue Since The Wedge Confirmed!

Hello, Traders Investors And Community, welcome to this update-analysis about bitcoins recent price-development, the current structure and what we can expect and handle the next times. As I mentioned in recent analysis bitcoin was trading in a huge rising wedge with significant resistance above, as the wedge now confirmed to the downside, which was faster than expected it confirmed the overall major rising wedge target bitcoin has here in the structure but besides that, we have some other important signals in the lower time period which need to be kept in mind in order for ongoing events which will happen since the wedge confirmed properly, therefore, we are looking at the daily and 4-hour perspective.

As you can elevate when looking at my chart is that bitcoin recently found hold up at the 55-EMA in orange which is serving as a current strong support-level as bitcoin bounced there not only on the daily chart but also on the smaller time period. Therefore we can expect a little bounce from here to test the remaining upper resistance in the structure which we have at the 20-EMA you can watch marked in black and with other resistance clusters in that level making the range between 9350 and 9450 an overall resistance-cluster which will be highly likely confirmed to the downside when bitcoin visits this level. This range between the 20 and 55-EMA is a range where it is given that bitcoin consolidates between that level before moving on to continue further.

Counting all these factors together we get an overall bearish perspective on the middle-term for bitcoin as the rising wedge confirmed and there are still important persisting resistance levels at the moment. After Bitcoin has corrected its down move it will continue to the downside within a high possible spectrum this bearishness we have in the middle-term increases when bitcoin crosses with the 20-EMA the 55-EMA to the downside before that does not happen we can expect consolidation in this range. When this scenario has confirmed properly and the rising wedge target reached it can mark and indicate a reversal when bitcoin finds solid support there and considering the long term perspective it can form a bigger inverted head and shoulder formation which has upside potential this, however, is still an undetermined hypothesis because it won't last when bitcoin does not find substantial support and continues downside.

Inverted Head And Shoulder Scenario When Support Holds(Daily Timeframe):

Consolidation Between EMAs Before Lower Low (4-Hour Timeframe):

As the whole cryptocurrency-market is sending differential signals we have a point in the structure where it has to show how it can sustain further and if we are just in a small correction or it is a bigger bearish move lying ground to more downside ahead. As the stock market is declining due to upcoming corona-fears this can also affect cryptocurrency similar to those scenarios we have seen in March this year. Because the current corona-crisis is such an important factor that can affect global markets since we have seen it this year that it shouldn't be ignored in order to be prepared for possible volatile price-changes and be on the right side to profit out of the upcoming volatility when it sets in, therefore we should keep a deliberate market-approach to wage the possibilities and do not get over speculative as this happens too often these times.

In this manner, thank you for watching, support for more market insight, and good day!
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Information provided is only educational and should not be used to take action in the markets.